Not only is the Dow on track for its worst month since January 2016, but other warning lights are flashing, too.

Favorite sectors like banks, manufacturers and small cap stocks are suddenly seeing red. Oil prices have collapsed to $ 47 a barrel, the U.S. dollar slumped to a four-month low against the Japanese yen and the VIX volatility index has shown signs of life.

Gold, which often rises during times of fear, has soared 8% so far this year and CNNMoney’s Fear and Greed Index has swung back into “fear” territory. Cash fleeing to the safety of government bonds have lowered the 10-year Treasury yield down to 2.39%, a dramatic reversal from 2.62% just two weeks ago.

“The bumbling on the health care bill has people losing faith in the Trump Bump,” Michael Block, chief market strategist at Rhino Trading, wrote in a note to clients on Wednesday.

“Health care is monopolizing the Congressional bandwidth and the market is desperate for a signal of tax reform progress,” Isaac Boltansky, senior policy analyst at Compass Point, wrote in a research report.

Of course, it’s important to put the recent market slide in context with the enormous rally of the past four months.

As White House press secretary Sean Spicer noted during Tuesday’s briefing, the markets are still “up tremendously” since the election. Even counting this week’s slump, the Dow is up an incredible 2,300 points over that span.

A pause, or retreat, is probably a good thing for the long-term health of the market rally. That’s because the ferocious rally has made stocks so expensive that many say they’re priced for perfection.

Thirty-four percent of fund managers polled by Bank of America Merrill Lynch say stocks are “overvalued,” the highest level in the 17-year history of the survey.

“Markets have given themselves no room for error if the policy initiatives get delayed by a pronounced amount of time,” Peter Boockvar, chief market analyst at The Lindsey Group, wrote in a report to clients.